(2019 – 2024) “Carbon Capture and Storage (CCS) Market” Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Carbon Capture and Storage (CCS) Analysis. The Carbon Capture and Storage (CCS) market is expected to register a CAGR of approximately 10% during the forecast period of (2019 – 2024).
Carbon Capture and Storage (CCS) Market Report Covers Leading Manufacturers: Aker SolutionsExxon MobilFluor Corporation HalliburtonShellDakota Gasification CompanyThe Linde Group Siemens AGSulzer LtdMitsubishi Heavy Industries LTDJapan CCS CompanyGeneral ElectricSchlumbergerNRG EnergyHoneywell International Inc.
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The global carbon capture and storage market is estimated to witness a healthy CAGR of 10% during the forecast period. North America is expected to hold the largest share of the market owing to increasing investments clubbed with R&D in the region. The oil & gas sector is estimated to have the largest share in the end-user application.
Emerging Demand for CO2 Injection Technique for Enhanced Oil Recovery
EOR method is widely being adopted by oil & gas participants to extract oil and gas from mature fields. CO2 is considered to be an excellent displacing agent for EOR techniques because a large portion of injected CO2 remains in place in depleted reservoirs. Therefore, this method could provide a good option for CO2 sequestration to mitigate global warming. CO2 injection also presents potential benefits by alternatively injecting gas and water as slugs in the water-alternating-gas (WAG) method to control CO2 mobility and flood conformance.
The cost implemented in CCS technology is quite challenging, but the revenue from EOR has underpinned CCS investment decisions in China and the Middle East. The increasing demand for CO2 injection, owing to its aforementioned favorable properties in EOR, accompanied with the need to mitigate global warming, is likely to drive the CCS market.
Oil & Gas End-user Holds the Largest Share
CO2 sequestration can be used in the oil & gas industry in enhanced oil recovery (EOR) and enhanced coal-bed methane (ECBM) operations, in which CO2 is injected in oil and gas beds, to store them in depleted and mature fields. The cost benefits provided by the EOR technique is appealing to the companies to invest in CCS technology and recover the investment.
North America to Dominate the Market
The United States accounts for the largest share of the market in North America. The growing demand for clean technology, accompanied by the growing use of CO2 in EOR practices, is likely to drive the CCS market in the United States. The country uses 75% of the global carbon capture capacity in EOR operations, which accounts for nearly 30 Mtpa.
The country introduced a FUTURE Act (Furthering Capital Carbon Capture, Utilization, Technology, Underground storage, and Reduced Emissions) under 45Q section to provide incentives for capturing carbon dioxide produced from industrial and power sources to be used in EOR. In Jan 2017, the Petra Nova carbon capture facility on a coal-fired power plant commenced its operation, with a storage capacity of 1.4 million metric ton of CO2 per year. It is expected to utilize post-combustion capture technology. With the development of shale gas techniques and less interest in the carbon capturing by the new government, it is expected that the market for CCS is likely to grow at a moderate rate in the country.
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- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
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- The regions that are expected to witness the fastest growth during the forecast period.
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